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This paper presents hydrodynamic-like model of business cycles aggregatefluctuations of economic and financial variables. We model macroeconomics asensemble of economic agents on economic space and agent's risk ratings playrole of their coordinates. Sum of economic variables of agents with coordinatex define macroeconomic variables as functions of time and coordinates x. Wedescribe evolution and interactions between macro variables on economic spaceby hydrodynamic-like equations. Integral of macro variables over economic spacedefines aggregate economic or financial variables as functions of time t only.Hydrodynamic-like equations define fluctuations of aggregate variables. Motionof agents from low risk to high risk area and back define the origin forrepeated fluctuations of aggregate variables. Economic or financial variableson economic space may define statistical moments like mean risk, mean squarerisk and higher. Fluctuations of statistical moments describe phases offinancial and economic cycles. As example we present a simple model relationsbetween Assets and Revenue-on-Assets and derive hydrodynamic-like equationsthat describe evolution and interaction between these variables.Hydrodynamic-like equations permit derive systems of ordinary differentialequations that describe fluctuations of aggregate Assets, Assets mean risks andAssets mean square risks. Our approach allows describe business cycle aggregatefluctuations induced by interactions between any number of economic orfinancial variables.

Econophysics of Business Cycles: Aggregate Economic Fluctuations, Mean Risks and Mean Square Risks